Friday 11th May 2007
EMED funds expansion
Copper and gold prospector EMED Mining has raised £4 million for exploration in Slovakia and a mine purchase in Spain.
Broker Fox-Davies Capital led the placing at 12p for AIM-quoted EMED, which wants to step up exploration at its recent gold discovery at Biely Vrch in Slovakia. Headed by Australian managing director Harry Anagnostaras-Adams, the company also wants to acquire Proyecto de Rio Tinto, a Spanish copper mine built by the Rio Tinto group, and to advance projects in Cyprus and Georgia.
Mineral group Oxiana Europe has maintained its 12 per cent EMED stake by subscribing to the placing, which was also taken up by a subsidiary of the Gold Fields group, institutions and EMED directors. At 13p, EMED shares value the company at £11.5 million.
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